Further Losses in Russia’s Pricing Power and Market Share in Europe Appear Inevitable

The collapse of oil prices—added to the weight of Western financial sanctions—has hammered Russia’s economy. But Moscow is also suffering from the fall in prices of another important energy export: natural gas.

Gas represented 14% of Russia’s export revenues in 2013, compared with 54% for crude oil and oil products. But its gas is more important to Europe and Ukraine.